Rankin Reports Record Per Share Earnings
19 October 1999
Rankin Reports Record Per Share Earnings
HOUSTON, Oct. 19 -- Rankin Automotive Group, Inc.
("Company"), operating results for the three and six month
periods ended August 31, 1999 were at record levels. Sales for the three
months ended August 31, 1999 of $37.7 million reflected an increase of
$27.0 million or 252% over sales of $10.7 million for the same period in 1998.
Net income of $800,000 increased $770,000 over net income of $30,000 for the
same period in 1998. Earnings per share increased to $0.15 per share from
$0.01 per share in the prior year.
Sales for the six months ended August 31, 1999 of $66.0 million reflected
an increase of $45.5 million or 222% over sales of $20.5 million for the same
period in 1998. Net income of $1,582,000 increased $1,416,000 over net income
of $166,000 for the same period in 1998. Earnings per share increased to
$0.31 per share from $0.04 per share in the prior year.
Rankin acquired the operations of three companies during the first quarter
of the current fiscal year, which ends February 29, 2000. The acquisitions
have substantially increased the size of the Company. Randall B. Rankin,
Chairman and Chief Executive Officer stated, "Our strong financial results for
the quarters and year to date are a tribute to our continued commitment to
serving our customers. Although our business is seasonal and sales are
historically somewhat higher in the first and second quarters, we expect the
last two quarters of our year to have significant sales increases and improved
profitability over the prior year's final two quarters. The Company will
continue to focus on our core businesses and the profitable integration of
these acquisitions as we pursue additional strategic opportunities with the
intent of maximizing shareholder value."
Rankin sells automotive parts, products and accessories to commercial and
retail customers in Texas, Louisiana, Mississippi, Alabama, and Arkansas
through its six distribution centers 67 stores and two machine shops. The
Company also serves over three hundred independent jobber stores through its
distribution network.
Certain statements contained in this press release are forward looking
statements. These statements discuss, among other things, expected growth,
domestic development and expansion strategy, business strategies and future
performance. These forward looking statements are subject to risks,
uncertainties and assumptions, including without limitation, competition,
product demand, domestic and international economies, government approvals,
inflation, the ability to hire and retain qualified employees, the ability to
convert acquired stores in a timely and profitable manner, consumer debt
levels and the weather. Actual results may materially differ from anticipated
results. Please refer to the Risk Factors section of the 10-K for the year
ended February 25, 1999 for more details.
RANKIN FISCAL FINANCIAL HIGHLIGHTS
For the Three Months and Six Months Ended August 31, 1999
(In thousands, except per share data)
Three Months Ended Six Months Ended
August 31, August 25, August 31, August 25,
1999 1998 1999 1998
Net sales $37,681 $10,709 $66,031 $20,492
Gross profit 13,319 3,658 24,011 7,115
Income from
operations 1,694 93 3,059 289
Net income $ 800 $ 30 $ 1,582 $ 166
Earnings per share:
Basic $ 0.15 $ 0.01 $ 0.31 $ 0.04
Diluted $ 0.15 $ 0.01 $ 0.31 $ 0.04
Weighted average shares outstanding:
Basic 5,187 4,535 5,142 4,535
Diluted 5,187 4,535 5,143 4,535